By: Justicia Shipena
Economist Salomo Hei says the practice of underslling beef on the international markets employed by the troubled Meat Corporation of Namibia (Meatco) is a detrimental business approach.
The Bank of Namibia (BoN) recently disclosed that Meatco has been selling its products at lower prices globally than its domestic counterparts, sparking concerns about the corporation’s financial health.
This revelation comes at a time when Meatco is grappling with a financial crisis.
In a report submitted to the Minister of Finance and Public Enterprises, Ipumbu Shiimi, the BoN estimated a revenue shortfall of N$4 billion between 2018 and 2023 compared to local competitors exporting to the same market.
“I don’t think this is good business practice and we hope this can be rectified very quickly,” says Hei.
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